25 Cybersecurity Statistics Small Businesses Need To Know

Want to know why you should be proactive in dealing with cyber threats? Read the latest cybersecurity stats below.

Hackers are increasingly targeting small business owners. This is because small companies have more data than individuals, but weaker security than large companies.

We’ve gathered the latest cybersecurity statistics to help you understand the risks small businesses face today.

Top 2022 cybersecurity risks and trends

With the growing trend of hybrid working and the use of cloud technology, cyber risks have multiplied.

Business leaders can expect more incidents of attack surface expansion, data security breaches, digital supply chain attacks, ransomware attacks, distributed denial-of-service (DDoS) attacks, identity theft and remote code execution attacks than in the previous year if they don’t take proactive cybersecurity measures.

Also, hackers will increasingly launch zero-day exploits due to increased media attention and hefty ransoms.

The cybersecurity stats below will help you understand cybersecurity issues and security threats facing businesses today.

Which sectors are most vulnerable to cybercrime?

According to the IBM Security X-Force report, cybercriminals were most likely to target manufacturing in 2021, followed by finance and insurance, professional and business services, energy, retail and wholesale, and healthcare. The report also notes that ransomware attacks were the most common type of cyber attack in 2021.

What is the growth rate of cybersecurity?

The value of the global cybersecurity market was $150.37 billion in 2021. And the cybersecurity industry is expected to reach $317.02 billion by 2027. This will create a strong demand for talented security professionals to meet the growing cybersecurity challenges.

25 Critical Cybersecurity Statistics

Dealing with any type of unwanted cybersecurity incident can be quite scary for businesses, regardless of their size. Nowadays, when one can easily buy a ready-made exploit kit on the dark web, companies need to take extra care to protect against cybersecurity threats.

It is always better to address inadequate security measures and train employees to minimize human error to strengthen your defenses.

From cyber crime stats to industry-specific cyber stats, we’ve rounded up everything you need to know to understand cybersecurity trends.

Let’s dive in:

Cybercrime Statistics

1. In 2021, according to an FBI report, there were a record 847,376 cybercrime complaints reported by the public.

2. SMBs lost $212,000 in 2021 due to cyber incidents affecting suppliers they share data with

3. There were 50% more cyber attacks per week on companies compared to 2020

4. Cybersecurity Ventures Research Will Cost $10.5 Trillion Annually by 2025

5- The ransom cost of ransomware attacks is increasing like anything. In 2021, an insurance company reportedly paid $40 million to hackers

Sector-specific cyberattacks

If you’re looking for industry-specific cyber-attacks, the following data from the IBM Security X-Force report may surprise you:

6. If you work in the manufacturing industry, you need to increase your security spending. This is because the manufacturing industry had 23% of total cyber attacks in 2021. And vulnerability exploitation was the biggest infection winner in the manufacturing industry, followed by phishing attacks.

7. The financial institutions, which used to have the most cyber attacks, witnessed 22% of the total number of attacks. Phishing was the most common infection conqueror for financial institutions.

8. If you’re wondering how many cybersecurity attacks occurred in the healthcare sector in 2021, the answer is 5%. And exploitation of vulnerabilities was the biggest winner of infections in healthcare organizations.

9. When it comes to cyber attacks, no one is immune, not even the government agencies. 3% of total cyber attacks targeted government organizations.

10. With only 2.5% of total cyber attacks, the media industry was the least attacked industry in 2021. The ransomware attack was the most common attack type targeting media organizations.

Retail and wholesale had 7% of the total cyber attack in 2021. As you can see from these cybersecurity statistics, no industry is safe from cybersecurity threats.

So, you need to make a reasonable budget for cybersecurity spending to hire talented cybersecurity professionals, adopt a zero trust modality, and train your employees in best cybersecurity practices.

You should also encrypt your sensitive data and have good cyber insurance to stay safe.

Statistics on cyber attacks

11. By 2023, Cisco analysts estimate that DDoS attacks will grow to 15.4 million. That’s more than double the 7.9 million attacks in 2018.

The following cybersecurity stats from X-Force Threat Intelligence Index will surprise you:

12. A ransomware attack, a form of malware attack, was the most common type of cyber attack in 2021. In fact, 21% of total cyber attacks were ransomware attacks.

13. Server access attacks accounted for 14% of total cyber attacks in 2021

14. Credential collection attacks accounted for 7% of total cyber-attack incidents in 2021

15. Phishing, seen in 41% of cyber attacks, emerged as the biggest winner of infections in 2021. Other winners of the biggest threat included exploiting vulnerabilities, stolen credentials, Brute Force, remote desktop, removable media, and password spraying.

Data breaches worldwide

The following metrics from IBM research help you understand the global data breach landscape:

16. The global average cost of a data breach (total) is $4.24 million. Are you curious about the average cost of a data breach per record? The average cost of a data breach per record (per capita) is $161.

17. Healthcare organizations suffer the most when it comes to the average total cost of a data breach in the industry. The average total cost of a healthcare data breach is $9.23 million.

18. 44% of data breaches involve customers’ personally identifiable information (PII).

19. It takes an average of 212 days to identify a data breach and an average of 75 days to contain a data breach.

20. Using encryption can significantly reduce the cost of data breaches. Companies using high standard encryption have a 29% lower overall cost of a data breach than companies using low standard or no encryption.

US data breach statistics

21. With an average attack costing $8.6 million, the US has the highest data breach cost in the world, according to IBM.

22. The United States witnessed 2,953 publicly reported data breaches in 2021. This number is 11% higher than last year.

23. The healthcare sector is seeing an increasing number of data breaches. The healthcare sector reported 4,419 data breaches of 500 or more records between 2009 and 2021.

24. California, with more technology and internet companies than any other state in the US, has the most data breaches in the country.

25. The United States suffers the most data breaches worldwide.

What can you do to protect your small business from cyber threats?

To protect your small business from cyber threats, spread cybersecurity awareness throughout your organization, enforce strong password policies, strengthen email security, improve Wi-Fi security, purchase the latest cybersecurity tools, and secure your payment processor.

Although you have done away with bad cybersecurity practices, unwanted cyber incidents can occur due to human error. So you should take out good cyber liability insurance.

Conclusion

Now that you know the latest cybersecurity statistics. The next step is to strengthen your cybersecurity to prevent/minimize any incident of a security breach, malware attack, phishing attack or any other type of cyber attack.

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